Crypto World November 2019: Bitcoin Lightning, BTC ATMS, Ripple acquired MoneyGram

Crypto World November 2019: Bitcoin Lightning, BTC ATMS, Ripple acquired MoneyGram

by | Nov 29, 2019 | News

Bitcoin’s Lightning Network Can Be Used for Private Messaging

Lightning Labs revealed an experimental project: Whatsat, an application of the lightning network which may be utilised to send private messages.

Just like bitcoin, it is censorship-resistant. However, unlike encrypted programs that morph messages to info, securing the text to keep the messages private from prying eyes, there is no central thing to prevent users from using the system.

The developer Joost Jager said:

“Lightning is a peer to peer network in which anyone can participate. There is no central entity that has the ultimate power to decide on [what] users are allowed to communicate.”

Personal messaging is a huge thing in the electronic era, but it is still simple for bad intentioned actors to intercept messages which are not encrypted.

Ghana May Issue Digital Currency in ‘Near Future’

The governor Ghana’s central bank, Ernest Addison, stated that Ghana might issue an electronic form of the country’s currency, the cedi in the”near future”. He also said they are in discussions to develop a pilot project in a “sandbox environment”.

Addison’s opinions, made in Ghana’s Annual Banking Conference, were revealed in a public transcript.

The Bank of Ghana governor said Ghana is experiencing rapid digitization with the help of the mobile banking industry. “Mobile cash” transfers grew by 70% from 2017 to 2018.

Addison said he’d approved that the central bank to issue digital money backed 1:1 by cedi and held electronic wallets Monday. But the digital money is different from cryptocurrency. The governor stated in the press conference:

“It is just electronic money backed by currency,”

So [the central bank] cannot create money; they are only having an electronic representation of the cedi that the Bank of Ghana puts into circulation. So it is not crypto.”

Simon Malls Has 5 New Bitcoin ATMs

Bitstop set up five bitcoin ATMs at Simon Property Group locations within the last month: Carlsbad Premium Outlets in Carlsbad, California, Mall of Georgia in Buford, Georgia, Miami International Mall in Miami, Sawgrass Mills in Sunrise, and The Avenues at Jacksonville, Florida.

They are a part of Bitstop’s drive to woo crypto beginners: individuals who shop at malls, do not know much about blockchain and have a bitcoin wallet.

The co-founder and CEO Andrew Barnard explained these places are similar to the old cliche: “If you build it, they will come.”

“Once you put these ATMs down and you give people easy access, the people go and figure out how to use it,”

With these new places, Bitstop is continuing to build out vulnerability among novices and handhold them through the process of purchasing their very first bitcoin. He explained the kiosks represent a gateway to first-timers.

He said individuals buy from an ATM within an investment, but also to then purchase on the internet or send remittance payments residence.

The average purchase is $160 bucks. And Barnard said traffic is particularly heavy around the 1st and 15th day of every month, which he explained is money back for many consumers.

China’s Digital Yuan Will Target Retail Payments First

Speaking in the Caixin Hengqin Forum at Zhuhai, former leader of the People’s Bank of China Xiaochuan Zhou said the nation will highlight the retail usage of electronic payment to the electronic yuan.

“There are two goals for international digital currencies,”

“The first one, which is also what China envisions is to develop digital payment and its use for retail system in the country, while the other goal is to cross-border payment for international financial institutions.”

According to Zhou, both of these aims will need different technical designs for the electronic yuan, and China may expand its capacities once it implements the electronic payment role.

Zhou said China is a challenging environment to try the new electronic money, and a country with a smaller population might be better because the cycle for money flow is briefer.

“In case there is something wrong, it will be easier to steer the boat into a different direction,”

Ripple Has Acquired MoneyGram For $50 Million

Ripple made the final payment to purchase MoneyGram at a cost of $4.10 per share, which is over a dollar per share of the stock’s recent price of approximately $3.00. The action first started in June 2019.

Ripple owns just under 10% of MoneyGram’s outstanding common stock.

MoneyGram plans to utilize this funding inflow to support its operations, specifically since it expands its usage of Ripple’s On-Demand Liquidity product, the renamed xRapid payment system which uses the XRP cryptocurrency.

Since June, MoneyGram has started using XRP to run trades in Europe, Australia and the Philippines, and now transacts approximately 10% of its own Mexican peso foreign exchange trading volume.

In an announcement, MoneyGram chairman and CEO Alex Holmes said that the venture was “transformative,” noting that the corporation could settle trades “in seconds.”

South Korea Takes Legal Step to Stamp Out Unregistered Crypto Exchanges

South Korea passed a legal amendment to oblige assets exchanges to register with the  Financial Services Commission (FSC).

This change was made to align fight money laundering,  and it asks crypto exchanges to have so-called actual name virtual bank account – sub-accounts for consumers inside a market’s main account – to avoid falling foul of the laws.

The opposition lawmakers had voiced worries that exchanges without real-name digital balances would be made to shut, bringing additional contraction of the national cryptocurrency market.

In 2018, the FSC outlawed anonymous digital balances with the consequence that just four exchanges were abandoned with real-name digital balances through contracts with local banks: Bithumb, Upbit, Korbit, and Coinone.

Ukraine Plans to Tax Crypto Gains at Low 5% Rate

Ukraine’s parliament received a cryptocurrency tax draft bill.

Written by 13 members of the parliament, the bill defines crypto-assets as a “special type of valuable property in the digital form, created, accounted for and disposed of electronically,”, for example, cryptocurrencies, tokens and other forms are not defined in the draft.

“We are confident that the adoption of this [draft] law will create conditions for the launch of the virtual assets market in line with the legislation of Ukraine, taking into account the balance of interests of entities engaged in transactions with virtual assets and the state, which will get additional tax revenue from such transactions,” said the ministry.

If the bill passes parliament, the earnings from trading assets will be calculated as the difference between the buy price and the price received in the sale. Profits should be declared as “other” form of earnings, while reductions might not be balanced to decrease the whole financial result before taxation, the record states.

Crypto income will generally be taxed at the normal speed, which will be 18% in Ukraine. However, in better information for dealers, there is a first 5% rate on private income from the selling of crypto assets to get a five-year period after approval of the invoice (assuming it moves).

Revenue of crypto assets wouldn’t be responsible for value-added tax (VAT).

Tokenized assets would observe another tax program, being described as electronic assets certifying possession or non-property rights. In such cases, tokens are taxed in precisely the exact same manner as the products or services financing them.

Michael Chobanian, creator of this Ukraine-based crypto trade Kuna and president of this Blockchain Association of Ukraine, stated he considers the law would operate, however, there are additional challenges confronting the business which have to be dealt with.

“If the National Bank of Ukraine doesn’t allow banks to open accounts for crypto businesses in Ukraine nothing for the industry will really change,” Chobanian said.

The ministry lately declared a partnership with all the Binance cryptocurrency market for help developing regulations for crypto from the nation.

Coinbase has added support for 5 new crypto options to its Visa debit card

Coinbase declared that holders of Coinbase Card are now able to spend XRP, basic attention token (BAT), augur (REP), 0x (ZRX) and stellar (XLM). These add to the already available options: bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC).

Coinbase clients in Bulgaria, Croatia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania and Sweden have also been given access to Coinbase Card.

Zeeshan Feroz, CEO in Coinbase UK, said in a statement:

“By more than doubling the number of assets our customers can spend on Coinbase Card, as well as introducing the card to 10 new countries, Coinbase continues to help drive crypto’s role as a utility, and not just an investment.”

The Coinbase Card has been introduced back in April to function both the U.K. and EU states. Coinbase issues it “immediately” and converts cryptocurrency into fiat money when clients make a trade using the debit card.

According to the company, the card may be used anywhere that accepts Visa. There are charges for ATM transactions over the value of $200 – 1% domestically and 2% international, and fees for some trades.

Coinbase also supplies an iOS and Android program which allows users to create Visa obligations on their cellular devices. The Coinbase Card is issued by Paysafe Financial Services Limited, a company approved by U.K. regulator, the Financial Conduct Authority.

Will Bitcoin disappear? How could BTC disappear and what would happen after that?

Will Bitcoin disappear? How could BTC disappear and what would happen after that?

by | Nov 26, 2019 | News

Have you ever wondered yourself what would happen if Bitcoin disappeared? And in what context would this happen? Some crypto enthusiasts have considered it and came up with some scenarios. How can Bitcoin disappear?

Which one will it be? Could be all of this, or could be none. But the answer may lay in the general perception of Bitcoin.

What is the crypto community saying about the future of Bitcoin?

Before committing to a product, such as Bitcoin, or any other product people might use in their day to day life, they should and will ask themselves: Do I really need it?

In the particular case of Bitcoin, the question is: Do I really need it for my finance?

Most people have come to accept the way traditional financial institutions work and have invaded their lives as long as they get what they want out of it. Even with the creation of Bitcoin, the hype has now faded and do not care so much about this intrusion of privacy.

Some believe that the mass (that is aware of Bitcoin) is “losing the vision for Bitcoin” and that there are not a lot of people supporting it and believing in it. And for the future of Bitcoin, this can be a problem. Possibly, a problem that could lead to its disappearance.

Other are more inclined than ever to use crypto, due to the financial system which has shifted over the past 11 years since the creation of Bitcoin. The increasing number of restriction seems to be detrimental to fiat and convincing some that Bitcoin has a future and it waits for them.

The lack of vision might be also a transition state until another financial crisis hits, which can be happing any day now.

Overall, the engaged crypto community remains optimistic and hopes for the best.

What could make Bitcoin disappear?

One of the possible future scenarios is that Bitcoin disappears. How is that even possible?

Well, imagine Bitcoin no longer on the top of the cryptocurrency market. The competition is getting bigger by the day. And what if Bitcoin gets ‘substituted’ by one of these altcoins?

Ethereum, Ripple, EOS, Litecoin are just a few of the cryptocurrency that could substitute Bitcoin.

BUT… the community believes that this will not happen. “It would have happened already” is what the enthusiasts believe. The reality is that at the moment, there are many other coins with lower transaction fees and on faster blockchains, and yet, people seem to prefer Bitcoin. Why is that?

Bitcoin is the coin with the largest transactional volume. It is the one coin listed on every single crypto exchange in existence and anyone in the crypto community will accept Bitcoin for a job. Simply put, Bitcoin is desirable.

Bitcoin was the first cryptocurrency and with each year that passes, it seems to be getting stronger.

So if you are afraid that Bitcoin will be substituted by another coin, then this is the time to observe what others are stocking up. And do the same. But judging but the volumes, there is no sign something like this will happen anytime soon.

Crypto World October 2019: Bitcoin is not a security, Canada wants crypto, Europe doesn’t accept crypto as fiat substitute

Crypto World October 2019: Bitcoin is not a security, Canada wants crypto, Europe doesn’t accept crypto as fiat substitute

by | Oct 31, 2019 | News

Canada set off to create its own cryptocurrency

If you can not beat’em, join ’em.

Allegedly, Canada is beginning to embrace the notion of launching a cryptocurrency. It’d replace fiat and, provided the inherent and automated coverage connected with crypto, would permit the nation to continuously monitor all financial moves by everybody in the nation.

China wants to become a leader in the blockchain industry

China is still a major force in the blockchain industry.

This is a fact, based on the number of businesses which have been founded in China, and now the number is getting higher. The Cyberspace Administration of China approved 309 brand new blockchain providers in October 2019. The businesses are offering solutions from eCommerce to tourism and from health care to legal issues.

The SEC has no Interest in regulating bitcoin as a security

After Cipher Technologies Bitcoin Fund filed a registration statement, the SEC responded in writing that it didn’t think Bitcoin was a security. Even though the SEC has provided several signs that it doesn’t believe Bitcoin for a security, this was the first printed statement by the bureau that Bitcoin wasn’t a security for purposes of the Investment Company Act of 1940.

“current purchasers of Bitcoin are not relying on the …. efforts of others to produce a profit. Accordingly, because Cipher intends to invest substantially all of its assets in Bitcoin as currently structured, it does not meet the definition of an ‘investment company’ under the Investment Company Act.”

The SEC noted if Bitcoin were a security, it could, “raise substantial other issues” since Bitcoin would subsequently become an “unregistered publicly-offered security”

ECB president says cryptocurrencies are no substitute for money

Central banks and government regulators are still express uncertainty over cryptocurrencies.

The most recent banker to question the usefulness of cryptocurrencies has been Mario Draghi, the powerful president of the European Central Bank (“ECB”). Draghi especially addressed so-called stablecoins, that can be electronic tokens with values attached to additional, stable assets like U.S. dollars.

In a letter to Eva Kaili, a European lawmaker, Draghi noted that stablecoins have popular appeal for the reduced rates of volatility and funding from recognized technology businesses, like Facebook, which has declared its stablecoin, Libra.

He also warned us that stablecoins aren’t a suitable substitute for cash in the regions of financial policy, market infrastructures and financial system stability. He said that “stablecoins and crypto-assets have had limited implications in these areas.” Despite his skepticism, Draghi attempted to strike a conciliatory note by stating that the ECB’s present stern view is that electronic assets could change in the future because of the accelerated pace of technology and shifting business models.

Bitcoin blockchain reached $1 billion in cumulative transaction fees

On Oct. 30, 2019, the bitcoin blockchain reached $1 billion in cumulative transaction fees.

“This milestone is a really cool milestone just because it shows how much people value block space,” said Bryan Aulds, founder of bitcoin wallet Billfodl. “And that it’s something people don’t mind paying for, which I think is really important moving forward.”

Based on data in blockchain analytics startup BlockChair, the quantity of bitcoin trade fees collected yearly has decreased in the last few decades. This is a result of the arrival of scaling alternatives on bitcoin such as “Segregated Witness” along with also the Lightning Network.

And though the cumulative quantity of bitcoin trade fees converted into USD amounts to about $1 billion, the sum is really much bigger in case you take into account the market value of bitcoin today. In accordance with Coin Metrics information, 204808.3479 BTC was distributed in trade fees to miners since 2009. At today’s cost, that is equal to $1.86 billion.

The cumulative size of transaction fees on the bitcoin system is just set to grow bigger in the coming years, as different mechanisms for rewarding miners like block subsidies gradually decrease.

“Over the long run, the transaction fees will eventually have to replace the block [subsidy],” said Jameson Lopp, CTO of bitcoin management startup Casa. “There’s a reason why it’s called the block subsidy in the code. It’s because it is subsidizing the security of the network,” adding:

“The understanding all along is that this subsidy via inflation will have to be replaced by the people who are paying to use the network via transaction fees.”

“We have another 10 to 13 years of decent subsidies left before it drops away to pretty negligible amounts,” said Billfodl’s Auld.

While this occurs, miners might need to begin adjusting sustainability steps around the relatively more volatile worth of trade fees instead of block subsidies.

“You have to start thinking more about the game theory around miner profitability and what would happen if the profitability of a miner becomes a lot more volatile from hour to hour, day to day,” said Lopp. “For example, we already know there are both daily and weekly cycles of demand for block space.”

UNICEF started accepting cryptocurrency

UNICEF will now receive contributions of cryptocurrencies, through its newly-established UNICEF Cryptocurrency Fund. UNICEF will utilize cryptocurrencies to finance open-source technologies benefiting children and young people across the globe.

Under the arrangement of this UNICEF Cryptocurrency Fund, donations will be stored as cryptocurrency and used as cryptocurrency, not converting it to fiat.

“This is a new and exciting venture for UNICEF,” said Henrietta Fore, UNICEF Executive Director. “If digital economies and currencies have the potential to shape the lives of coming generations, it is important that we explore the opportunities they offer. That’s why the creation of our Cryptocurrency Fund is a significant and welcome step forward in humanitarian and development work.”

UNICEF will start accepting crypto donation, but will not convert it to fiat

UNICEF will start accepting crypto donation, but will not convert it to fiat

by | Oct 15, 2019 | News

Will charities and worldwide organizations help in the mass adoption of cryptocurrencies?

Cryptocurrency adoption took a significant step forward with information that UNICEF will shortly be accepting Bitcoin (BTC) and Ethereum (ETH) contributions.

Christina Lomazzo along with her blockchain team at the United Nations Children’s Fund (UNICEF) will allow the donation of cryptocurrencies.

This pilot program will mark the first moment when the foundation will accept cryptocurrency in the form of donation. The very first donation made will come from the Ethereum Foundation and consists of a contribution of 1 BTC and 10,000 ETH. The pilot program will also be a collaboration with UNICEF USA, UNICEF Australia, UNICEF New Zealand, and UNICEF France.

An important aspect of this program is that UNICEF will not convert the cryptocurrencies into fiat. Instead of mechanically convert them into fiat money, the global organization appears to be interested in HODLing and spending cryptocurrencies.

The idea behind the move is to enhance transparency and increase the number of contributors. With each donation listed on the blockchain, there’s very little space to ‘shed’ funds and what’s visible on the public ledger.

International Organizations Appear to Blockchain Technology

The United Nations and its branches have shown themselves receptive to cryptocurrencies. There’s presently a ‘paradigm change’ happening at the greatest levels of worldwide power which might imply a wave of adoption is forthcoming.

The pro-cryptocurrency place goes much beyond UNICEF. This past year, Antonio Guterres, the UN secretary-general, talked about the chance of utilizing blockchain technologies in solving world problems. The program’s focus is to supply ultra-accessible monetary services and electronic networks from 2030.

UNICEF has taken the bold move of accepting cryptocurrencies and not converting them to liquid cash. Instead, they’re betting long-term on the idea. Let’s hope that other international organizations follow. Let us hope that other organizations will follow.

Consensus 2019 NYC Blockchain Week reveals the new blockchain trends

Consensus 2019 NYC Blockchain Week reveals the new blockchain trends

by | Oct 7, 2019 | News

The cryptosphere got another burst of energy last week as programmers, entrepreneurs, venture vets, policymakers, artists, and fans descended on NYC at the yearly Blockchain Week. ConsenSys’ two-day Ethereal Summit kicked the week off at Pioneer Works, a renovated railroad trail factory in Red Hook, a fitting venue for the leaders of Web3 to design and deliberate the future of the world wide web.

This type of gathering is a rare occasion for a motion that’s so internationally dispersed.

Open source devs will build Web3

78% of businesses utilize open source applications, however, the OpenSSL Software Foundation, whose transportation protocols secure the link between clients and servers and place that reassuring padlock on your browser pub, functions on a budget of less than $2,000 in contributions and beneath a million dollars contract earnings annually.

The absence of incentives in open source growth makes developers stay away from them and leads to serious vulnerability problems in apps (such as the notorious Heartbleed insect which has been inadvertently introduced to the OpenSSL source code repo a couple of years back).

The Gitcoin Founder Kevin Owocki stated that “65% of open source projects have a truck factor of less than two”, which is a serious threat to the future of such projects.

There were serious attempts in the blockchain area — that was based on the principle of available protocols — to create open-source growth economically sustainable for coders. MolochDAO, a crowdsourced financing initiative to encourage Ethereum infrastructure jobs, obtained a 4,000 ETH contribution last week by Joe Lubin, Vitalik Buterin, many associates from ConsenSys, along with the Ethereum Foundation. From its own ethical promotion platform Codefund to its Patreon-like Grants Program, Gitcoin is among the very notable and multi-pronged campaigns encouraging open source maintainers from the blockchain area.

The systems of the future will be antifragile

Bitcoin was created as a way to modify the present financial system that’s ineffective, politically irresponsible, and badly misaligned in regard to incentivizing great behaviour. Over ten decades after, Bitcoin still proceeds to offset the bad ideas of our political and monetary systems.

The grand majority attending NY Blockchain Week shared the idea of antifragility. This notion was expressed at a publication written by the prestigious Nassim Taleb, in which he describes “Some things benefit from shocks; they thrive and grow when exposed to volatility, randomness, disorder, and stressors and love adventure, risk, and uncertainty.”

Travis Kling also discussed the fragility of both bitcoin along with other crypto assets, saying “This is a hedge against irresponsibility from governments and central bankers…the world is waking up to the value of a hedge against quantitative easing.”

More importantly, she expressed her views about electronic resources, saying, “There is not any fault tolerance at the electronic assets and that is a feature, not a bug. It’d be a pity if the growth of bitcoin would stick to the growth of the incumbent markets”

Zero-knowledge systems are the magic wand for solving Ethereum’s privacy paradox

Hard math is exactly what it is taking to resolve Ethereum’s solitude paradox, the struggle of reconciling the blockchain’s transparency (for validating transactions) with the demand for information privacy and confidential transactions.

While Ethereum does not support names such as Penn and Teller or even Houdini, it will have Aztec, Ernst & Young, PegaSys, along with other cutting-edge startups focusing on zero-knowledge proof technologies and construction native solitude.

PegaSys provides an extensive package of production-grade offerings which streamlines the process of conducting an Ethereum customer for enterprises. Pantheon implements Orion as a personal transaction manager and may also utilize AZTEC’s effective zero-knowledge privacy protocol for information independently on a permissioned network.

At Ethereal, Tom Pocock, CEO of Aztec discussed how ZK will be available within another fortnight. His demonstration included slides using a thermometer which got hotter when the math got harder. It was a cue for individuals to take out their phones whenever they had been uninterested in mathematics. It got hot around Boneh Boyen Signatures and Elliptic Curve pairings.

It is apparent the ZK tech will be quite beneficial in finance and banking for personal payments and other private transactions. Many ZK business help make “Lego kits” for people and companies to construct customized assets for their own choosing without understanding about the mathematically intricate cryptography which makes the machine function.

Ten or twenty years ago, Tom Pockock even predicted utilizing ZK technologies to acquire a “proof of income” to use in the lender to acquire a mortgage.

There has been steady progress on zero-knowledge evidence methods, which are assisting protocol engineers to take care of the issue of assessing a piece of evidence without studying it. Olivier Bégassat, Applied Researcher in PegaSys, believes the PCP Theorem that underpins ZK systems is “mindbendingly magnificent.”

Decentralized finance is the leading narrative

#Defi has removed among the most resounding narratives inside the crypto ecosystem also has been mostly driven by Ethereum.

Ethereal even showcased defi software with Austin Griffith’s hot wallet, that was utilized to buy a meal.

The Internet 3.0 headline still exists in several people vision for the future of crypto, nevertheless, the open fund has taken the lead as brand new derivatives markets and financing procedures have emerged Ethereum. For many people, accomplishing such a goal is sufficient. Ryan Selkis, more known as TwoBitIdiot and Creator of the research company Messari, clarified his thesis to get Ethereum:

“Ethereum is settlement layer for decentralized finance where bitcoin is settlement layer for a store of value. Ethereum will become the decentralized finance chain. That’s the winning outcome and everything else will be on its own chain or be interoperable.”

Regulators continue to join the conversation

At Consensus, U.S.Representative Tom Emmer intends to reintroduce the Safe Harbor for Taxpayers using Forked Assets that could help taxpayers who maintain cryptocurrency caused by blockchain network breaks, or challenging forks. Especially, the bill will stop the IRS from penalizing unreported crypto resources gained through tough drives until the IRS issues clear advice about their regulatory remedy.

Caitlin Long was current on several panels during the whole week sharing a lot of her ideas regarding crypto regulation. She pointed out just how many double standards exist when analyzing regulators handle non-crypto institutions when compared with crypto associations.

The Former Congressman and presidential candidate think that the telephone by Rep. Brad Sherman (D-Calif.) to prohibit cryptocurrency buys at the U.S. is a bad idea. 2020 Presidential Candidate, Andrew Yang made an appearance revealing his perspectives about crypto asset regulation, presuming that authorities will need to explain their guidelines.

The enterprise blockchain marketplace is open for business

Business blockchain offerings are moving full-stack and supplying robust marketplaces that employ solutions for businesses in different industries. As an example, ConsenSys-backed Kaleido established a brand new business-to-business (B2B) tech heap throughout blockchain week which includes different plug and play characteristics, such as advantage registry, record shop and app-to-app messenger, token issuance, and much more. The Kaleido market has over 40 service or product offerings for businesses to match their customized business requirements.

Especially, Microsoft has been leading the charge in the heritage world. Before blockchain week, Microsoft published a blockchain programmer kit to its people Ethereum blockchain and Quorum. The programmer kit also empowers users to utilize Solidity and Truffle. Microsoft clients will now have the choice to utilize Microsoft Azure along with the package of blockchain software to expedite blockchain installation, lower prices, and include enhanced governance characteristics.

Throughout blockchain week Microsoft announced a partnership with GE Aviation to follow engine components in addition to the launch of a decentralized identity to the internet 3.0 world. As more companies are starting to accept the transformative power of blockchain technologies, they will look towards the present players to grab them up to speed and utilize their present solutions.

Crypto World September 2019: More countries want to use crypto and blockchain

Crypto World September 2019: More countries want to use crypto and blockchain

by | Oct 1, 2019 | News

North Korea wants its own cryptocurrency

An analyst from Center for Financial Crime and Security concluded that the nation has the essential expertise and tools to establish its cryptocurrency. In terms of the motives behind the initiative, the specialists often largely produce negative situations — by bypassing the global sanctions and money laundering to speculation and funding the weapons of mass destruction.

Bypassing U.S. sanctions?

Pyongyang wants a digital currency to bypass international sanctions. Using its cryptocurrency, the DPRK might have the ability to access the global financial system.

Critics consider that an electronic currency would be a mean to bypass sanctions since they are more difficult to follow. North Korea would be able to trade with several countries around the world and evade the US sanctions.

As most analysts assert North Korea might be endorsed by other nations, including Iran, Russia or even Venezuela, that are already researching federal electronic assets to skip the U.S. sanctions.

Libra is “sensitive for society” and has no launch date

https://cointelegraph.com/news/crypto-carnage-zuckerberg-admission-royal-btc-scam-hodlers-digest-sept-2329

Facebook CEO Mark Zuckerberg seemed to demonstrate a rare display of dread as regulatory scrutiny enclosing the Libra stable coin intensifies.

He confessed that the job was “very sensitive for society” and said his business was decided to work through problems before launch. The billionaire also confessed this is a really different approach to that Facebook could have done five years ago.

The Calibra wallet mind David Marcus – that has faced a grilling facing Congress – claimed in a blog article that blockchain-based payment systems can tackle inefficiencies in existing payment methods.

New Balance will use the Cardano blockchain to allow its customers to verify the origins of an range of products

Cardano CEO Charles Hoskinson announced that New Balance will be using the Cardano blockchain to help authenticate its products.

Cardano and New Balance intend to roll out the program internationally. But, current plans don’t entail employing the ADA token in this pilot.

Hoskinson allegedly produced the partnership announcement throughout Cardano’s 2nd-anniversary event in the Cardano Summit at Bulgaria’s second-largest city, Plovdiv.

Blockchain, global supply chain and health insurance

Many organizations have already begun to implement blockchain technologies. Walmart is utilizing blockchain technologies to make a food traceability system based on the Linux Foundation’s Hyperledger Fabric.

In August, public venture blockchain stage VeChain partnered with Australian winemaker Penfolds to launch an instance of blockchain-encrypted wine bottles available, within its own Wine Traceability Platform initiative.

In March, Carrefour introduced its blockchain-powered solution for monitoring milk, which can be reported to ensure customers entire product traceability across the full distribution chain, from farmers’ fields to the shop shelves.

Government of Uzbekistan Triples Tax on Electricity for Crypto Miners

The authorities of the Republic of Uzbekistan have ordered a 300% increase in power tariffs for cryptocurrency miners.

The Cabinet of Ministers of the Republic of Uzbekistan has decreed that cryptocurrency miners have to pay three times more the present power tariffs.

This comes after the Aug. 22, 2019 decree from President Shavkat Mirziyoyev qualified “On Accelerated Measures to Improve Energy Efficiency of Economic Sectors and the Social Sphere, Implement Energy Saving Technologies and Develop Renewable Energy Sources” and also to further inspire the logical use of electric energy by customers.

Uzbekistan’s approach to crypto and blockchain

Last September, Mirziyoyev ordered the establishment of a state blockchain development fund called the “Digital Trust.” The fund’s objective is to incorporate blockchain into different government jobs, including health care, education and ethnic locations. The organization is defined to be accountable for global investment from the Uzbek digital market.

Earlier the exact same month, a decree legalizing crypto trading, which became tax-free, and mining at the nation came to force. As stated by the legislation, foreign nationals can simply exchange cryptocurrencies from Uzbekistan by creating a subsidiary in the nation.

The legislation additionally specifies a minimum funding requirement of about $710,000 to create a crypto exchange. What’s more, crypto dealers won’t fall beneath Uzbek stock exchange regulations and will probably be relieved of the duty to pay taxes on trading earnings.

Bakkt, the first federally regulated platform for Bitcoin (BTC) futures trading, was launched

In August 2018, Intercontinental Exchange (ICE) declared its strategies to make a Bitcoin cryptocurrency exchange fully compliant with CFTC regulations.

Created by the worldwide trading giant Intercontinental Exchange (ICE) and counting a good portfolio of investors from Microsoft’s venture fund M12 to Starbucks, Bakkt delivers institutional traders something brand-new. The system’s value proposition is physically-settled BTC futures contracts, along with a solid custodial service accepted by the Commodity Futures Trading Commission (CFTC).

Assuming it is digital assets’ volatility and lack of regulatory defences that deter otherwise exceptionally interested institutional investors by moving large on BTC, Bakkt’s introduction is a major landmark on the deadline of crypto adoption, and several in the distance expected its introduction with fantastic excitement.

Unfortunately, Bakkt’s launch coincided with a massive recession in Bitcoin’s market price, causing some analysts to suspect a causal link between the two.

China needs more time for research before announcing a launching date for its digital currency

https://cointelegraph.com/news/chinas-central-bank-digital-currency-has-no-timetable-for-launch

China does not have any particular launch date in mind for its digital currency. Its own central bank has stated comments contradicting previous statements.

The People’s Bank of China (PBoC) has denied Beijing is prepared to launch its fresh financial currency. According to Global Times, the PBoC “needs to research, test, evaluate and prevent risks.”

“China’s research and development of digital currency has achieved positive progress, but the country has no timetable to launch a digital currency so far,”

German government adopts the blockchain strategy

On Sept. 18, the German Federal Government released its finalized blockchain plan, pointing out 10 big principles to create concrete steps for unlocking the advantages made available by blockchain technologies by the end of 2021. The authority voiced its favourable stance towards blockchain, saying that the plan intends to encourage the nascent ecosystem in Germany.

At precisely the exact same time, the authorities explained it won’t be encouraging blockchain-powered stable coins from getting alternative currencies because of its danger to the German’s sovereignty. Included in the dangers posed by the coming Facebook’s cryptocurrency Libra, the record reads that the German authorities won’t depart the issuance of monies to private businesses.

On Sept. 17, German Finance Minister Olaf Scholz contended that lawmakers can’t accept parallel currencies like Libra, expressing optimism that Libra will be definitely rejected.

7-Eleven Stores Across the Philippines Now Sell Bitcoin

https://cointelegraph.com/news/all-7-eleven-stores-across-the-philippines-now-sell-bitcoin

Cryptocurrency investment program Abra begins selling crypt in most 7-Eleven shops across the Philippines using a brand new partnership with payment chip ECPay.

Abra declared on Sept. 18 that the venture will bring crypto into 6,000 retail outlets across the Philippines, including all 7-Eleven shops. The aim of the venture is to make facilitate obtaining cryptocurrency simpler:

“Using new digital tools that open up financial access shouldn’t be hard. And they shouldn’t be complicated. Moving cash to crypto and other digital assets should be simple and fast. That’s why we are really excited to announce our new partnership.”

Turkey Announces Plans for National Blockchain Infrastructure

The Turkish government has announced plans to set a federal blockchain infrastructure to use distributed ledger technologies (DLT) in general public management.

The Ministry of Industry and Technology set out its own vision through its Strategy 2023 demonstration on Sept. 18 at Ankara.

Turkish institutions have been embracing blockchain technology in various spheres. In August, the Istanbul Blockchain and Innovation Center (BlockchainIST Center) was inaugurated at Bahçeşehir University. The centre’s director, Bora Erdamar, said BlockchainIST will be “the most important centre of research and development and innovation in Turkey in which scientific studies and publications are made in blockchain technologies.”

Earlier this month, Turkey’s Istanbul Clearing, Settlement and Custody Bank (Takasbank) announced a blockchain-based platform for trading physical gold. Takasbank’s new project aims to enable users to transfer physical gold stored at the Borsa Istanbul Stock Exchange.

Narvesen Stores and Lithuanian Press Kiosks to Sell BTC

According to the local news outlet, Delfi, Lithuanian convenience shops Narvesen and Lithuanian Press kiosks will begin selling Bitcoin (BTC). The stores will begin selling coupons which may be exchanged for BTC online. Narvesen and Lithuanian Press were picked due to their extensive network and positive attitude towards cryptocurrencies, which will grant access to this target market and offer the capacity to purchase vouchers fast.

Narvesen CEO Vigintas Bartaševičius stated:

“We currently have a network of nearly 60 Narvesen stores, where we are constantly looking to expand our selection of products and services. We recently offered a cash withdrawal service to our busy city customers, and now we are starting to sell Bitcoin vouchers, both cash and card. Bitcoin coupon sales are geared to meet the needs of a younger audience.”

No ID or other files will be asked to convert euros to Bitcoin obtained with the voucher. All a user needs is an email address and a Bitcoin wallet address.

Blockchain Being Used to Turn Ocean Plastic Waste Into Eco-Fabrics

https://cointelegraph.com/news/blockchain-being-used-to-turn-ocean-plastic-waste-into-eco-fabrics

Dutch firm Waste2Wear has set to create the world’s very first selection of recycled materials, made from sea plastics, that may be tracked via blockchain.

First disclosed on Aug. 20, the group has been specially developed by Waste2Wear in reaction to client demand for recycled materials used in cloths to be traceable. The business declared the initiation of the beta version of its own proprietary blockchain system for its new set on Aug. 22.

Waste2Wear stated plastic waste needs to adhere to a long journey from the sea to getting a finished textile product, which demands quite a few incremental data documents.

By applying blockchain technologies, the organization plans to produce the supply chain of sea plastic materials completely traceable.

The plastic used for Waste2Wear Ocean Fabrics was sourced out of the coastal and water regions of a little island near Shanghai. In collaboration with the regional government, Waste2Wear constructed a business model permitting local fishermen to make money by recovering plastics in the sea. In accordance with Waste2Wear, fishermen are collected over three tons of waste from the sea weekly.

Waste2Wear is not the first thing to explore applying blockchain technology for environmental purposes. On Sept. 4, Germany’s Free Democratic Party suggested paying crypto to anybody who removes carbon dioxide and other greenhouse gases from the air.